Meta says it would have made over $22 billion in operating income without child safety settlement
US tech company Meta paid $9.89 billion in the third quarter toward its settlement with US state attorneys general. Without that charge, its income from operations would have been $22.89 billion.
Meta, the owner of Facebook and Instagram, said in its third-quarter earnings report, released on Wednesday, that a portion of its settlement with US state attorneys general cost it $9.89 billion. Without that payment, the company's income from operations would have been $22.89 billion.
The child safety settlement
In August, Meta agreed to pay $17.1 billion to resolve a large nationwide lawsuit. The suit claimed the company harmed children by designing its social media platforms to be addictive. According to the source, Meta will pay only $5.3 billion of that amount if YouTube and TikTok introduce stricter settings and safeguards for children. Meta also committed to such measures as part of the settlement.
Results and a new court ruling
Meta's total costs and expenses reached $51.61 billion, including the settlement amount. Revenue came in at $64.60 billion, up 26 percent from a year earlier.
The company may face even larger legal costs. On Wednesday, a court in New Mexico ordered Meta to pay $25 billion over the Cambridge Analytica scandal.
In the press release, CEO Mark Zuckerberg said the company hit major milestones this quarter toward delivering "personal superintelligence for everyone." He said the investments are paying off, the core business is strong and the company is seeing velocity across the board.
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